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 Sukanya Samriddhi Accounts Yojana

Sukanya Samriddhi Yojana (SSY)

Sukanya Samriddhi Accounts

Devised for the welfare of the Girl child through provision of finances at the time of important events of her life i.e. education and marriage. SukanyaSamriddhiYojana was launched on December, 02, 2014 as part of the BetiBachaoBetiPadhao. The Sukanya Samriddhi Account scheme offers a competitive rate of interest of 7.6% along with tax benefits

Token amount of Rs.250 to open a Sukanya Samriddhi Yojana account

With a minimum deposit of Rs.250, you can open an SSY account and the maximum deposit amount can be Rs.1,50,000. Subsequent deposits shall be in multiples of fifty rupees subject to the condition that a minimum of two hundred and fifty rupees shall be made as deposit in a financial year in one account. The deposits can be made in one lumpsum or in multiple instalments in a Financial Year.

Double Tax Benefits

  • Under Section 80C of Income Tax Act, deposits up to Rs.1,50,000 are eligible for a deduction.
  • The interest earned on the deposit is tax free.

Attractive rate of interest

Account holders can earn 7.6% interest (01.07.2021 –to-30.09.2021) on their deposits.

  • Yearly interest credited in the account at the end of Financial Year
  • No interest is payable after completion of 21 years from the date of opening.

Deposit to be made for 15 years and not after

You only need to keep making deposits every year until 15 years from the day you opened the account.

Under special circumstances, premature withdrawal is allowed

  • After the daughter/daughters turns 18 or has passed 10th standard, whichever is earlier, 50% of the balance in the account can be withdrawn to meet education expenses on providing admission proof and supporting documents.

Under special circumstances, premature closure is allowed:

  • On account of death of the Account holder
  • After having maintained the account payment for 5 years from opening of account in cases of extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian, supported by complete documentation.
  • After attaining the legal age of 18, if the girl child enters a wed lock, the account can be prematurely closed. The beneficiary will have to show related documents that girl will be not less than 18 years of age on the date of marriage.
  • If the account holder becomes NRI during the currency of the account, the account shall be continued till maturity. However, the account shall be closed or deemed to be closed if the account holder ceases to be a citizen of India.

Features of Sukanya Samriddhi Yojana

  • Who can open the account?
    Parent of a girl child on behalf of the beneficiary can open the account any time after the birth of the girl child until she turns ten.
    At most, two account can be opened for up to 2 girl children each and three accounts in an exceptional case where girl children are born in the first or in the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family.
  • The beneficiary should be an Indian resident citizen.
  • Who can make the deposit?
    Legal guardians or parents of the beneficiary can make the deposit until the beneficiary turns 18.
  • When can the beneficiary operate the account?
    After she turns 18, she can operate the account.
  • Where can you open this account?
    SukanyaSamriddhiYojana accounts can be opened with authorized commercial bank branches. These accounts can be opened, for example, at any of the Bank of Baroda’s branches. All you need to do is walk into a BOB branch with the following documents
    • Filled up SukanyaSamriddhi Registration Form
    • Birth certificate of the girl child
    • ID proof of the depositor
    • Residential proof of the depositor
    • Stamp sized photos
  • How much is the minimum compulsory deposit to be made each year?
    The depositor must make a deposit of minimum Rs.250 up to Rs.1,50,000 every year uptil 15 years from the date of account opening.
  • What happens if account is not maintained?
    If deposit is not made each year, the account goes under default, which can be regularized by paying a small fine of Rs.50 for each year of default along with the minimum annual deposit in respect of the defaulted years.
  • Does the beneficiary receive the amount on maturity?
    Yes, once the account matures, the beneficiary can collect the interest accrued along with the balance on providing the following documents-
    • SSA withdrawal application
    • proof of identity
    • proof of residence and citizenship
    • proof of age
  • Is the account transferable?
    Yes. It can be transferred to any branch/Post Office within India, once the beneficiary provides proof of change of residence.

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